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Iran says it has plan to render oil embargo ineffective

An Iranian Revolutionary Guard speedboat escorts a passenger ship, unseen, near the spot where an Iranian airliner was shot down by a U.S. warship 24 years ago killing 290 passengers, while an oil tanker is seen in the background, on Monday, July 2, 2012. (AP Photo/Vahid Salemi)

The Associated Press
Published Saturday, July 14, 2012 10:19AM EDT

TEHRAN, Iran -- Iran's Oil Minister says his office has drawn up plans to make newly tightened sanctions against the Islamic Republic ineffective.

Rostam Qasemi says his ministry is at the forefront of an economic battle with the West. His remarks carried by ministry website shana.ir on Saturday did not elaborate on the plans.

Qasemi's comments come two weeks after an EU oil embargo went into effect against Iran for its refusal to halt its uranium enrichment program.

The West says the enrichment is aimed at developing weapons technology. Iran denies those allegations.

Iranian officials have earlier said they are organizing a consortium of private companies to bypass the embargo, without specifying exactly how this will work. Iran says it can always find buyers for oil.